Developer to market Marina Lofts in Fort Lauderdale as a condo-rental blend

Miami /
Apr.April 24, 2015 04:30 PM

Marina Lofts developer Asi Cymbal told The Real Deal that he will market the planned riverfront high-rise in Fort Lauderdale as a blend of condos and rental units, instead of a trio of all-rental buildings, as originally planned.

“We’re now looking at combining a condo project along with affordable luxury rentals,” plus a marina and retail space, Cymbal told TRD on Friday. “Condo prices have gone up quite significantly, and there seems to be a greater opportunity on the condo side at this point in the cycle.”

Cymbal did not specify how many of the 800-plus units at the long-planned Marina Lofts complex would be marketed as condos.

The three buildings constituting Marina Lofts will include one designed by architect Bjarke Ingels to appear ripped in half, from jagged top to bottom.

The developer said monthly rents at Marina Lofts would start around $1,295 for a studio, and minimum deposits for condo units probably would exceed 30 percent of the sale price.

“The discussion in Fort Lauderdale was: Can Fort Lauderdale do a hefty-deposit structure like Miami?” Cymbal said. “Thirty [percent] to 50 is what we’ve seen; 35 percent seems to be the sweet spot of the range. There doesn’t seem to be resistance to that structure, and that encourages us.”

Also encouraging are higher condo prices in Fort Lauderdale, particularly among newer developments in the beach area. Cymbal said demand for downtown residences is likely to push the condo appreciation trend westward from the beach, as happened in downtown Miami following “Miami Beach’s condo explosion.”

In Fort Lauderdale, “most of the new condominium developments have been on the beach, and many of them have been very successful,” he said. “It starts on the beach. Prices go up enough to take a hard look at the downtown core, and we believe that’s what’s next in the cycle.”

Asked about the availability of condominium construction financing, Cymbal said financing to construct multifamily rental buildings is easier to get.

“Multifamily financing is far more readily available. That strategy is also more safe. But the margins are thinner, with construction prices having gone up, and with the rental prices being where they are,” he said. “The margins on condos today are better if you can secure absorption.”

The long-pending Marina Lofts development was approved by the Fort Lauderdale City Commission as a three-building, 856-unit rental apartment complex in October 2013.  The six-acre site of the development is located across the New River from the Broward Center for the Performing Arts.


Related Articles

arrow_forward_ios
Cushman & Wakefield's Denny St. Germain and Robert Given with 1151 Southwest Ninth Avenue in Fort Lauderdale
CushWake brokers’ entity pays $22M for Fort Lauderdale dev site
CushWake brokers’ entity pays $22M for Fort Lauderdale dev site
Jimmy Tate, Sergio Rok and  Jorge Pérez with renderings of the project
Related Group joins $1B-plus Bahia Mar project in Fort Lauderdale
Related Group joins $1B-plus Bahia Mar project in Fort Lauderdale
1635 North Fort Lauderdale Beach Boulevard (Google Maps, Getty)
Mattress Giant founder sells Fort Lauderdale manse for $13M
Mattress Giant founder sells Fort Lauderdale manse for $13M
Manor Oaks at 2121 East Commercial Boulevard in Fort Lauderdaleto be rebranded as The Savoy at Fort Lauderdale Rehabilitation and Nursing Center and Manor Pines Convalescent Center at 1701 Northeast 26th Street in Wilton Manors to be rebranded as The Pearl at Fort Lauderdale Rehabilitation and Nursing Center (Google Maps)
CareRite pays $36M for pair of Broward nursing, rehab centers
CareRite pays $36M for pair of Broward nursing, rehab centers
Related Group’s Jon Paul Pérez and Jorge Pérez with 600 North Andrews Avenue (Google Maps, Getty)
Related nabs $56M loan to build FATVillage affordable rentals
Related nabs $56M loan to build FATVillage affordable rentals
1000 Riviera Drive in Fort Lauderdale with Cryptocurrency entrepreneur Paul Prager (LinkedIn, Google Maps)
Insurance execs buy Fort Lauderdale teardown for $20M
Insurance execs buy Fort Lauderdale teardown for $20M
2401 Laguna Drive, Fort Lauderdale with Paloma Partners' Donald Sussman (Google Maps, Paloma Partners)
Hedge funder Donald Sussman sells waterfront Fort Lauderdale lot for $17M
Hedge funder Donald Sussman sells waterfront Fort Lauderdale lot for $17M
From left: 5200 Town Center Circle, Rockpoint Group's Bill Walton and Keith Gelb, 1221 Brickell Avenue, 100 Southeast Second Street (Rockpoint Group, Google Maps, LoopNet)
Here are South Florida’s top office sales of 2022
Here are South Florida’s top office sales of 2022
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...